As per Attchment
Awaiting price reaction for this filing.
Procal Electronics India informed BSE about key decisions taken at its board meeting on March 31, 2026. Canara Bank has taken over and sold the company's fixed assets and inventories through an e-auction under the SARFAESI Act, 2002, as part of recovery proceedings (the original sale notice was dated May 2, 2024). The board also approved writing off long-standing unrecoverable debit and credit balances to present a true financial picture. Additionally, the company is re-grouping and reclassifying its accounts to better reflect its financial position. The sale was conducted on an 'as is where is' basis, meaning the bank recovered dues by liquidating the company's assets.
This is a strongly negative development for shareholders. Canara Bank's SARFAESI action indicates the company had defaulted on its loans, forcing the bank to seize and auction its assets. Combined with balance write-offs, it signals serious financial distress and raises serious concerns about the company's ability to continue as a going concern.